Russia has assumed control over Volvo's assets in the country, according to multiple Russian media outlets, including the financial newspaper Vedomosti and the news agency Interfax.
AB Volvo had ceased all production and sales in Russia at the onset of the war, as reported by NTB on February 28, 2022.
The Russian Ministry of Industry and Trade has identified a local investor to whom Volvo's assets will be transferred.
The assets include welding and painting facilities for cabs, as well as truck assembly with a capacity of 15,000 units per year in Kaluga and four service centers in various cities.
The investor is Russian businessman Igor Kim, who was named "Banker of the Year" in Russia in 2003 and 2009.
This move comes after Russian authorities threatened to seize the assets of several Western companies in retaliation for the treatment of Russian assets in the West.
The funds are expected to be used to compensate Russian companies that have been expropriated in the West.
